Companies benefit, thanks to Invest SVG

Invest SVG continues to make its mark on the economic and social development of the country.

The organisation has successfully facilitated four local companies obtaining grant funding from the European Union through Caribbean Export Development Agency. Each company will receive €15,000 to improve the standard and quality of its products and services.{{more}} The awards represent a first for St. Vincent and the Grenadines.

It was made possible through the efforts of Export Development Officer, Shanna Browne, and Business Facilitation Officer/Aftercare, Curtis Dennie, who participated in a Grant Proposal Writing Workshop held by Caribbean Export Development Agency and the European Union (EU) in Barbados from March 1 to 3. The workshop informed participants that grants were available for companies that were interested in expanding or upgrading their existing entities. The pair subsequently informed local entrepreneurs and assisted them in the completion of their applications. In all, four applications were completed, and each received a positive response.

Applicants were required to meet the minimum standard in order to qualify. These include:

I. The business should be in operation for at least two (2) years and possess the necessary financial documentation.

II. The company should be registered and could not be a start up enterprise.

III. The project time frame should not exceed four (4) months for the Regular Grant and two (2) months for the Accelerated programme and

IV. The proposed budget must fall either in the Regular Grant category of €7000-€42000 or the Accelerated Grant of €1000-€5000.

While many other businesses wanted to apply, they failed because they were not registered nor did they possess proper financial documentation. Shanna Browne noted that it was imperative for local companies to register their businesses and keep proper financial records. She explained that business identification and accountability are important attributes to leverage a company’s competitive edge within the current economic climate.

According to an official at Caribbean Export Development Agency, a record number of applications was received.

Invest SVG encourages local businesses to not only register their businesses, but to also register with Invest SVG to take advantage of these and other opportunities in the future.

For further information, please contact fpeters@investsvg.com or call 784 457 2159.